Ask HN: So, how does iPhone 5s fingerprint architecture work?

I believe Apple is closed enough to disclose the details of its fingerprint (or whatever technology) architecture (or maybe I haven't been able to find it, or maybe it is too soon).

So, how do you believe it works?

Do you think iPhone is storing locally your fingerprint hash or maybe it is stored both remotely and locally? How does it work when it comes to buying in the appStore? Do they add your fingerprint as password hashing or maybe they decrypt your previously stored password with your fingerprint?

I believe, as Schneier said, fingerprint is somewhat secure to use to unlock your iPhone and if you need extra security for any reason you can fallback to the pin, but, how does it really work?

Regards